(70 ILCS 915/5) (from Ch. 111 1/2, par. 5006)
Sec. 5.
To obtain the funds necessary for financing the acquisition
of land, the acquisition or construction of any building hereinabove
mentioned, and for the operation of the District as is in this Act set
forth, the Commission may borrow money from any public or private agency,
department, corporation
or person, and mortgage, pledge, or otherwise encumber the property or funds of the Commission. In
evidence of and as security for funds borrowed, the Commission may issue
revenue bonds in its corporate capacity to be payable from the
revenues derived from the operation of the institutions or buildings,
owned, leased, or operated by or on behalf of the Commission, but the
bonds shall in no event constitute an
indebtedness of the Commission or a claim against the property of the
Commission. Such bonds may be issued in such denominations as may be
expedient, and in such amounts and at such rates of interest as the
Commission shall deem necessary to provide sufficient funds to pay all
the costs of acquiring land, the construction, acquisition, equipping
and operation of buildings within the District, including engineering
and other expenses. Such bonds shall be executed by the president of the
Commission, attested by the secretary thereof and sealed with the
Commission's corporate seal. In case either of said officers of the
Commission who shall have signed or attested any of such bonds shall
have ceased to be such officer before delivery of such bonds, the
signature of such officer shall be valid and sufficient to the same
effect as if such officer had remained in office at the time of such
delivery. The Commission shall furnish the State Comptroller
with a record of all bonds issued under this Act.
(Source: P.A. 97-825, eff. 7-18-12.)
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